Macro Outlook for Next Week
Next week, the US will release a number of key data, including PPI, CPI and the "scary data", which will continue to bring volatility to the market. The key points that the market will focus on in the new week are as follows:
Tuesday 00:00, US December New York Fed 1-year Inflation Expectation;
Tuesday 21:30, US December PPI data;
Tuesday 23:00, 2025 FOMC voter, Kansas City Fed President Esther George to deliver a speech;
Wednesday 04:00, FOMC permanent voter, New York Fed President John Williams to deliver opening remarks at an event;
Wednesday 21:00, 2027 FOMC voter, Richmond Fed President Thomas Barkin to deliver a speech;
Wednesday 21:30, US December CPI data, US January New York Fed Manufacturing Index;
Wednesday 23:00, 2026 FOMC voter, Minneapolis Fed President Neel Kashkari to deliver welcome remarks and participate in a fireside chat at the Minneapolis Fed's online regional economic conference;
Thursday 00:00, FOMC permanent voter, New York Fed President John Williams to deliver a speech;
Thursday 01:00, 2025 FOMC voter, Chicago Fed President Charles Evans to deliver a speech;
Thursday 03:00, the Fed to release the Beige Book;
Thursday 21:30, US Initial Jobless Claims for the week ending January 11, December Retail Sales MoM.
With the Fed shifting to a more cautious stance, the November CPI report showed some encouraging signs that the price increases in housing and the broader services category (the biggest contributors to sticky inflation) have started to moderate. This means that the CPI data to be released next Wednesday could see a downside surprise, but any slowdown is more likely to occur in the first few months of 2025 rather than the December 2024 CPI data. Ahead of the CPI data, investors will focus on the US December PPI data to be released next Tuesday, and on Thursday, all eyes will be on the retail sales data, which is known as the "scary data".
Other Key Previews
HECO Network will be shut down and some HRC 20 assets will be withdrawn on January 15, 2025;
Ethena: Derive (DRV) will be launched on January 15, 2025;
From January 13 to January 19, there are more industry events worth noting.
January 13
Odaily News: Coinbase Assets posted on X that the Celo L1 blockchain (Coinbase code: CGLD) will migrate to Celo L2 on January 16, 2025.
Coinbase will not support the migration, and customers must withdraw CGLD from Coinbase before January 13, 2025 to prevent their funds from becoming unusable.
After the hard fork is executed, the Celo L1 network will stop generating blocks, and customers will no longer be able to send or receive assets on the Celo L1 network. Any remaining funds on Coinbase will become unusable.
Odaily News: Usual, the issuer of the RWA stablecoin, announced on the X platform that it has recognized the huge reaction from the community caused by the significant depeg of its stablecoin USD 0++ from $1, and therefore will implement a series of measures to address user concerns and stabilize the ecosystem.
It is reported that the "Revenue Switch" function is planned to be activated on January 13, allowing Usual Protocol to share its earnings from real-world assets and protocol operations with the community. The team expects a monthly revenue of around $5 million, and under current conditions, the annual return rate will exceed 50%. These distributions will be made weekly to strengthen the actual value of USUAL, balance its economic model and the income generated by the protocol. (Note: The revenue switch function of Usual will be officially activated when more than 50% of USUAL tokens are staked as USUALx. If the requirement is not met, it will be automatically activated on February 1, 2025. Once enabled: 100% of the earnings (up to a maximum of $5 million per month) will flow to the USUALx stakers in the form of USD 0.)
In addition, the Usual Protocol team also stated that they will launch the "1:1 early unstaking" function next week, allowing users to exchange USD 0++ at a rate of $1, but they will have to forfeit some of their accumulated rewards as a penalty.
January 14
Shiba Inu ecosystem token TREAT will be launched on January 14
Odaily News: According to official information, the Shiba Inu ecosystem token TREAT will be launched on January 14. Shiba Inu's lead developer Shytoshi Kusama believes this token is a key tool to achieve the complete decentralization of the Shiba Inu ecosystem.
It is reported that the TREAT token is the "utility and governance token" of its new privacy-focused Layer 3 blockchain, aimed at unlocking advanced functionality of the network state operating system. More information about this asset will be released soon. Kusama's annual plan shows that he will discuss TREAT in the weekly podcast on Tuesday. Developers expect to discuss the value of the token and how it fits into the larger Shiba Inu ecosystem.
January 15
The US will release the December CPI data at 21:30 on January 15
Odaily News: On January 15 (Wednesday) at 21:30 Beijing time, the US will release the December CPI data, which may have a disruptive impact on the market's expectations for rate cuts.
Odaily News: Former US federal prosecutor James K. Filan shared the latest developments in the SEC's lawsuit against Ripple on the X platform, stating that the Second Circuit Court of Appeals has issued an order requiring the SEC's statement of claim to be submitted by January 15, 2025.
HECO Network will be shut down and some HRC 20 assets will be withdrawn on January 15, 2025
Odaily News: According to official information, HECO Network announced that it will be shut down on January 15, 2025 Beijing time, and some HRC 20 assets, including HRC 20 ETH, HRC 20 TUSD, HRC 20 LINK, HRC 20 USDC, HRC 20 UNI, HRC 20 SHIB, HRC 20 HBTC and HRC 20 USDT, will be withdrawn.
HECO Network reminds users holding these HRC 20 assets to visit the official HecoDAO website before January 10, 2025 to transfer the relevant HRC 20 assets to the designated address. The transferred assets will be calculated based on the token prices as of November 10, 2024, with 1 USDT equivalent asset being exchanged for 1 point. The obtained points will be bound to the user's HECO account wallet address.
The plan is to complete all point redemption and accounting before January 10, 2025, and convert the confirmed points to HTX, with 1 point ≤ 200,000 HTX. The obtained HTX will be distributed in 12 equal installments starting from January 15, 2025. The HTX claim will be bound to the TRON network address provided during the point redemption. The specific claim method will be further notified.
Ethena: Derive (DRV) will be launched on January 15, 2025
Odaily reports that Ethena posted on the X platform stating that Derive (DRV) will be launched next January 15, with 5% of the supply allocated to sENA stakers.
January 16
Odaily reports that according to the political news website Politico, Scott Bessent's Senate confirmation hearing for U.S. Treasury Secretary is expected to be held on January 16. As previously reported, Bessent has a friendly stance towards cryptocurrencies like Bitcoin. In a previous statement related to crypto, Bessent said, "I'm very excited about the President's acceptance of cryptocurrencies, and I think it aligns very well with the Republican party, as cryptocurrencies represent freedom, and the crypto economy will continue to exist."
Binance to delist multiple margin trading pairs on January 16, 2025
Odaily reports that according to the official announcement, Binance will delist the following margin trading pairs on January 16, 2025 at 06:00 (UTC): cross margin trading pairs: LIT/BTC, NULS/BTC, SFP/BTC; isolated margin trading pairs: BEL/BTC, LIT/BTC, LSK/BTC, NULS/BTC, SFP/BTC.
The announcement states that starting from January 9, 2025 at 06:00 (UTC), Binance will temporarily suspend the lending function for the aforementioned isolated margin trading pairs. On January 16, 2025 at 06:00 (UTC), Binance will close user positions and perform automatic settlement, and cancel all pending orders. Users can still trade the aforementioned assets on other margin trading pairs on Binance. Users are advised to close their positions or transfer assets from the margin account to the spot account before January 16, 2025 at 06:00 (UTC).
Binance to support FTM token swap and rename to S, open new coin trading on January 16
Odaily reports that according to the official announcement, Binance will support the Fantom (FTM) token swap and brand upgrade to Sonic (S). Therefore, Binance will suspend trading and delist all existing FTM spot trading pairs (FTM/BTC, FTM/BNB, FTM/ETH, FTM/EUR, FTM/FDUSD, FTM/TRY, FTM/USDC and FTM/USDT) on January 13, 2025 at 11:00 (GMT+8) and automatically cancel all pending orders. Binance will open S/BTC, S/BNB, S/ETH, S/EUR, S/FDUSD, S/TRY, S/USDC and S/USDT spot trading on January 16, 2025 at 16:00 (GMT+8).
January 17
CFTC Enforcement Chief Ian McGinley, who led actions against Binance, to depart on January 17
Odaily reports that the U.S. Commodity Futures Trading Commission (CFTC) Enforcement Chief Ian McGinley announced he will depart on January 17. He joined the agency in February 2023 and led enforcement actions against companies like Binance, KuCoin, and Falcon Labs.
January 18
Philippine SEC issues crypto-related public consultation, will accept feedback by January 18
Odaily reports that the Philippine Securities and Exchange Commission (SEC) has issued an exposure draft of the proposed SEC rules for crypto asset service providers, and will accept public feedback by January 18, 2025. The draft includes provisions on the definition of crypto asset service providers, licensing requirements, operational standards, risk management, client fund protection, and disclosure requirements, and requires crypto asset issuers to submit disclosure documents to the SEC at least 30 days prior to any marketing activities or public sales.
January 19
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